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is cutting his holiday vacation short, returning to washington tomorrow to continue talks to try to avoid that automatic tax hike and spending cut combination. that's the same day that congress returns to town. before the president left town on friday, he suggested a stopgap measure to freeze tax rates for people making less than $250,000 a year and extend unemployment benefits. reports say white house staffers have been quietly working with senate democrats to come up with a plan to avoid the fiscal cliff, but little progress has been made. >>> a chinese ratings agency is putting the u.s. on negative watch citing troubles with long-term debt issues. on a statement on its web site, global credit says each political party insists on the proposition favorable for its own interest. it expects u.s. debt to rise to 105% of gdp this year and warns the country will probably fall into recession in 2013 if there's no resolution to the fiscal cliff. last year, it cut u.s. treasuries from a to a-plus with a negative outlook. >>> and the holiday shopping season is drying to a close. early numbers sug
is already priced in. okay. welcome to "worldwide exchange." plenty of news to watch out of washington. all of this week, we thought it would be a quiet one. but i won't be inside the beltway if they want to get something done. the u.s. will hit the $16.4 trillion debt ceiling come monday. in a letter to congressional leaders, geithner says treasury will begin taking steps to save the government about $2 billion. geithner says it's harder to predict a time frame because the ongone fiscal cliff talks make it difficult to forecast next year's budget. among the measures treasury will take including suspending state and local government securities and investments in the federal employee pension funds. those don't sound like good practices going forward. president obama meanwhile arrives back in washington after cutting short his christmas vacation in hawaii. congress is back in town, but little progress was made over the holiday to avoid the fiscal cliff and no talks have been set. the senate is due in session today, but the house has no plans to reconvene. last week, house speaker john boehner
to be for the rising movie industry. cet will head out to washington as president obama is pushing forward his tax for the wealthy agenda. george osbourne is going to update today. the chancellor will have his work cut out to meet his target of eradicating the federal deficit by 2015 as well as securing a fall to gdp ratio. also expected further pressure with a cut to its growth forecast. steve is braving rather inclement british winter weather outside the houses of parliament. >> lovely. >> i know you like it. how much is it going to be raining on george osbourne's parade? >> it's going to rain on his parade. you just nailed it, ross. three things which are going to come up today, which he has very little control over. one is that obr reckoning on the uk economy. thought only back in march it was going to grow -- pain a negative growth for the year. next year they thought it was going to be 2% growth. it's probably only going to be 1%. in terms of those two targets you mentioned, eradicating the structural deficit in a five-year period, that's going to have another couple of years. >> right. now,
>>> from nbc news in washington, the world's longest running news program. this is "meet the press." >> that's one of our key jobs, helping to restore american faith, what the stock market is all about. i have a certain vision for what this country is going to be for my kids. that gives me purpose. >> optimistic yesterday, but we don't yet see an agreement. now the pressure is on congress to produce. if they don't, what i've said is that in the senate, we should go ahead and introduce legislation that would make sure middle class taxes stay where they are and there should be an up or down vote. everybody should have a right to vote on that. if republicans don't like it, they can vote no. but i actually think there's a majority support for making sure the middle class families are held harmless. >> if you go over to cliff, what's the impact on the markets which have been pretty confident now it would get done? >> it's hard to speculate on the market, but obviously, i think business and investors will feel more negative about the economy next year. if you look at projections of 2013,
. >> also on wednesday, jpmorgan ceo jamie dimon said that the economy, if washington can get a deal here is poised to rocket. >> the table is set very little right now. small business in good shape. 5 million more people working than four years ago. housing has turned the corner. let's just keep it going. >> so what were they doing up here on capitol hill? well, they're holding duelling press conferences with images for the tv cameras, one of a group of adorable young children and another one using a santa claus here, everybody trying to make their point, everybody trying to grab the camera's attention, but not a lot of negotiating progress here, at least in public. that's where we stand for now. >> eamon there from washington with the latest. >>> here in central london, it's about to get a lot greener. urban farming is coming to london rooftops. the gardens will be sustainable, bringing the produce grown on top of the office buildings in london and modeling systems already in place in new york and hong kong. joining us now with more details, pasmovoro gordoto. thank you. >> midtown lopp
-dollar may struggle to break higher and definitely to break lieuthrough 1.31. >> adam, you're in washington. how do you view fiscal cliff discussions? >> i was pretty optimistic until about three days ago. my sense was republicans had lost enough ground, they wanted to get a new deal before they got weaker. they admitted that there has to be some revenue. meanwhile the obama team led by secretary geithner are comfortable with at least 2:1 what they would call entitlement cuts. so there was a lot of ground for a deal. unfortunately, i think the threats from some democratic leaders that maybe it's okay to go over the fiscal cliff, i'm worried some actually believe that and that's one thing that scares me. i think there's a deal on the table, get a few years deal, it's only if -- obviously the republican caucus could do something stupid, but owes otherwise my main word is the dems decide they want to play for a long term deal that it all has to be resolved right now and it's worth the risk and i don't think it's worth the risk. >> adam, always good to see you. thank you very much indeed. we mo
cliff talks. but he stands firm on the debt ceiling. >>> hopes for a deal in washington are pushing european shares near their highest of the year. and sweeten's bank cuts its key interest rate warning of eurozone woes. >>> a federal judge has denied samsung's injunction for a permanent injunction. it's not a total victory for samsung. the judge rejected the company's motion for a new trial based on the thought that the jury foreman was bias on apple. however, ceo jeff immelt says the fiscal cliff in washington has hurt demand in recent months. >>> and meredith whitney says it's time to buy bank. the independent research analyst has upgraded citigroup, bofa and discover financial as muches from hold to buy. ms. whitney told cnbc that the outcome of stress tests by the fed is one of the factors behind the move. she's not the only one to upgrade her move. rbc has hiked its price targets from $49 to $50. earlier we asked you if meredith whitney was trite to upgrade to banks or a little later. bac tops $11 and is up 98% year-to-date. and bahad tweets meredith whitney is now bullish at $
don't rule out total ly washington coming to its senses, but i have to say at the moment that the odds look rather against it. but there is still another option which people are not considering at the moment, and that is that we get a deal before the 12th congress wraps up on the 3rd of january, but after the 1i of january. the bush tax cuts expire and then the house republicans, who are in my view the real source of the problem here, we saw what happened last week when boehner tried to push something through. the house republicans want to cut taxes rather than raising taxes. but frankly, i think this is going to the 113th congress from where we are today the. do you think we're going to feel it on the real economy in the first quarter? are we going to see this slight cautiousness feeding through in how -- >> well, first of all, we are seeing it on the u.s. economy already. there's no question about that. it has happened a distinct impact on corporate america's willingness to invest over the past several months, some say over the past year. that's likely to continue. even if we get a d
will become the 24th u.s. right to work staid state. >>> and cnbc is taking to washington today as we send becky quick, larry kudlow and jim cramim cramer to the white . they'll be leading off with a special mission critical rise above d.c. report. it's part tax. read, becky? >> like you said, we are occupying washington. this is where we've camped out all night. there's been all this talk about the fiscal cliff. we know it is fact approaching. we know it is something that would threaten not only the united states economy, but the economies around the globe. if we go over that cliff, there will be steep cuts and spending and steep tax increases that would automatically kick in. what we're doing here today is talking to our elected officials, talking to people who are involved in these talks, trying to figure out what will happen, where we are and if there's any way to avoid that cliff, if there's a good way to come about with tax reform and a close look at what's been happening on the spending side, as well. we have a lineup of a lot of gets who are here. joining us this morning, early on
on washington last night. so it looks like the dow could shed 160 points at the open. we'll keep an eye on this throughout the morning. across europe, the mood has been pretty quick, too. the ibex 35 down by a third. the xetra dax underperforming and the ftse 100 is down by about 1%. under 5,900. just yesterday, we were talking about whether it could approach 6,000. so we've pulled well back on that. take a look at a couple of the stocks moving today. arcelermittal shares are down about 3%. skanska saying it's going to take a charge on hits to latin america. and adp to paris is lowering its growth target for 2015 as lower traffic .lower economic projections since the summer are now affecting its prospects, down 6%. so, again, whether it's a fiscal cliff or generally speaking with, the message this morning is fairly weak. take a look at the bond space note. moving into gilts, moving out of italy and spain, but as we've been saying, 4.5% or under that and about 5.3% for spain aren't bad considering. t thor row/dollar is weaker. most of the risk currencies are moving lower. euro/dollar dow
called them stunning and irresponsible, but there may be more cracks in the ranks. "washington post" reports some moderate and conservative republicans are calling on boehner to concede on taxes now while he still has leverage to ask for something in return likely sbiltsment reforms. larry hathaway joins us for more. wlarry, good to see you. geithner says do no harm but they're prepared to go over the cliff. >> i think it's rather disingenuous. the administration feel it is has wind in its sails from the election and is trying to push the mandate on the issue of mar again al tax rates. i think the risks of going off the cliff are quite high. it may not be the base case just yet, but a greater than one this three chance simply because either the leadership in the house and the white house won't find agreement, or the rank and file in the house won't go along with the compromise that its leadership strikes. >> i've been working on the assumption that they're not that stupid or are there tactics if it's only for a few days then we can get something else going? >> i'm not so sure about
was in washington. there's a conference there that robert thompson organized. this was about two months ago. it was depressing because every expert that came in said they weren't going to resolve it. now we're getting more positive news. i there was silence and then boehner came out and started talking about plan b. but even if that plan goes through, the sort of plan that people are talking about, it will still have a sort of repressive effect. i think the most significant thing was happening was in the last few days, mark carney and his comments about inflation or lack of inflation targeting is -- what abe's ascendancy or reascendancy means in japan, what bernanke said in terms of looking at inflation and not monitoring inflation quite so closely are all bullish for the equity market, all bullish for the economy, you know, the printing money inflationary way out of the difficulties that we have may not be good, totally good news in the long-term, but as long as inflation is contained to a certain level, it may be okay. >> martin sorrell talking about louisa bowyerson. >>> now back to japa
to the council on foreign relations in new york, duke says what's going on in washington could affect their holiday shopping plans. >> the week before the election, only 1/4, 25% of our core customers even knew what fiscal cliff meant. okay? one week after the election, it was up to 75%. now these same customers, 15% of our customers are telling us this discussion about fiscal cliff will affect what they spend on christmas. >> and most americans aren't close to finished with holiday shopping yet. giving retailers a hope for a big boost in the last few weeks beforesom christmas. 58% of those surveyed said they completed half or less of their holiday shopping so far. i've got a little guilt on that front. >>> joining us for more, global ceo of sanrio. welcome. waving to the world there. >> yes. >> happy holiday. >> wearing your brand, as well. >> happy holiday from mr. mann. >> we should point out that mr. men is a key part of your strategy which is changing, is it not? >> exactly. last year we started to did mergers. this is our first acquisition, international acquisition. >> which is
. this meeting came after a day of frustration in washington as both sides criticized each other for lack of progress. >> republicans want to solve this problem by getting the spending line down. the president wants to pretend the spending isn't a problem. that's why we don't have an agreement. >> speaker boehner can't ignore the american people forever. at some point, reality should set in. the only question is how much financial stress middle class families and our entire economy will have to endure during this process. >> well, the clock is ticking. so is a resolution before the end of the year likely? let's of the pose that question to tony fratto. and a cnbc contributor. tony, good morning. are we actually going to get a deal? >> morning, kelly. boy, before the end of the year, i think that was your standard. i think it's getting to be more and more unlikely, kelly. i think when you see the kind of language and -- but actual language and body language that we saw yesterday, it looks farther away. but, look, i've long felt that this was a deal that could only happen after the new year
in washington. >>> still to congress on the show, russia has joined the wto. it did it just four months ago, but complaints with its lack of compliance with the laws are already stacking up. we'll get a view when we come back. >>> wto regulations are valid according to a top trade lawyer. karen spoke to an expert and asked why the u.s. invariably features as the main protagonist. >> i think there's a number of factors going on here. first of all, i think it's absolutely normal for the united states to be the most tiff wto dispute settlement participate. if you look at the figures, i think they have been the most active every single year since the wto was founded. it's a natural by-product of the huge size of the u.s. economy. they're the most active trading nation so they're going to trigger the most disputes. they sue the most and they are sued the most. that's absolutely normal. i think presidential politics played into this, as well. as you saw in the last stages of the campaign, both candidates, including president obama wanted to look tough on trade issues and filed a number of cases a
as washington welcomes a high-level chinese delegation led by the vice premier. his team is in the u.s. to talk trade and economy. he's expected to meet with u.s. treasury secretary tim geithner tomorrow. wang is the first official from the new leadership team to visit with the u.s. for more on the impact and implications of this, let's speak with frank ching, adjunct associate professor at the chinese university of hong kong. frank, hi. the first news that we're getting out of this appears to be more import duties s. this going to be the theme of u.s./china relations, or do you expect these meetings to be more of a thaw? >> well, i think that these are the first meetings since the new leadership in china was installed. and since president obama saw -- well, won second term. i think both sides want to make use of this occasion to improve their relationship. so this joint annual meeting is a platform, and i think that they will probably be able to achieve some progress on issues of concern to both sides. but i don't see any sweeping changes. >> what's interesting, frank, and you point this out,
Search Results 0 to 15 of about 16

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